外文翻译--金融深化与经济增长联系：面板数据分析（节选）

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1、 1600 单词， 9600 英文字符， 1650 汉字 出 处： Review of World Economics, 2007, 143(1):179-198. 作 者： Nicholas Apergls,Ioannis Filippidis,and Claire Economidou 原文： Financial Deepening and Economic Growth Linkages: A Panel Data Analysis 1.Introduction Academic research on the finance-growth nexus dates back at lea

2、st to Schumpeter (1911) who emphasized the positive role of financial development on economic growth. The contribution of the financial markets to growth has received considerable attention with the emergence of the endogenous growth theory, however, the related literature started expanding vigorous

3、ly especially after the seminal study of King and Levine (1993a,1993b), which revived the interest and gave a boost to a plethora of research. Broadly speaking, there are four views expressed for the finance-growth nexus. The first one is the supply-leading view, which supports a positive impact of

4、financial development on economic growth. The demand following view, which states that finance actually responses to changes that happen in the real sector or where enterprise leads, finance follows Robinson(1952). Somewhere between these two views is the one that claimsmutual impact of finance and

5、growth. Finally, there are some studies arguing that there is no relationship at all. Despite the great deal of effort devoted empirically in disentangling the impact of financial development on growth as accurately as possible, there is still no consensus as to the existence, the level, or the dire

6、ction of such relationship. Cross-country and, more recently, panel data studies show evidence of a positive impact of financial development on growth while time series studies, on the other hand, offer contradictory results. When it comes to time series studies, although one is able to identify the direction of causality and the nature of the I(1) variables is taken into account in the estim